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Starting your own business

In times of economic downturn it's tempting to think that the risks become much higher and more new businesses will fail, but in fact it can be a good time to start a business and history bears this out. Some of the world's top companies were started during a recession or depression, for example Proctor & Gamble, McDonald's, General Electric, Johnson & Johnson and, of course, Microsoft. Things change (often dramatically) during bad times bringing opportunities for those astute enough to seize them. So if there is a shortage of job opportunities why not create your own by setting up your own business? Yes, it can be a risky option and is not for the faint-hearted, but it can also be exciting, rewarding and offer challenges that you will not find elsewhere. It is wise to remember though that starting your own business will require a high level of commitment - it will not be a 9-5 occupation - it will occupy all your waking thoughts (and invade your dreams). There are no short-cuts, but with hard work and perseverance who knows what is possible?

A reality check

The success of your business will partly depend on your attitude and skills so it is vital that you are honest when assessing your knowledge and personal qualities. It will require stamina - both physical and emotional. There will be times of financial insecurity and you may have to make sacrifices. And, as the saying goes, it can be lonely at the top - you will be responsible for making all the decisions.

So, how do you start your own business?

Now that you have decided that you have the skills and attributes that are needed to make a success of setting up a business, what comes next?